In China, daily products and the construction industry are the top two stainless steel terminal consumers, accounting for 23% and 21%, respectively.

After China’s epidemic controls were eased, and stimulus policies for the domestic real estate market were introduced in the second half of last year, the real estate companies were supported accordingly. However, the recovery speed of the real estate market was still slower than expected, and the recovery of domestic demand for civil-based stainless steel was expected to be limited, so the demand will recover slowly.

In addition, China’s market for low-end stainless steel resources has been squeezed by Indonesian resources. In 2023, China’s export market was expected to be mainly in stainless steel products and semi-finished products, and the net exports of stainless steel will decline further.